Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.6% APRpaid last 24h +0.034%

Price spread now: Bluefin against Bybit−0.020%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$420.415% of the position

Long on Bybit Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.020%, 7d avg +0.017%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bluefin is 0.037% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.133	−0.0009	get 0.0009% / 8h	1h 00m	$317.2M	$289.6M	75x
Short	Bluefin HYPE-PERP	94.114	−0.0105	pay 0.0013% / 1h	0m 04s	$80K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee BluefinbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$20.24
Price spread: −0.020% → +0.017%: −$3.74
Slippage, 4 orders: −$23.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$65.5
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Bluefin: live order book, 44 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 4 min ago	0.53 bp	6.3 bp −$6	7.9 bp −$79	15.8 bp −$1,580	46.8 bp −$23.4K
Sell Bluefin live order book, 44 min ago	3.63 bp	14.9 bp −$15	doesn't fit	doesn't fit	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1088%	1h	94.072	−0.065%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0175%	1h	94.237	+0.110%	$22K	$21K	10x	as long as short
Bluefin HYPE-PERPshort	−0.0105%	1h	94.114	−0.020%	$80K	$155K	20x
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.980	−0.163%	$709K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	+0.086%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0080%	1h	94.163	+0.032%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	94.155	+0.023%	$87K	$366K	20x	as long as short
Bybit HYPEUSDTlong	−0.0009%	8h	94.133	long leg	$317.2M	$289.6M	75x
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.127	−0.006%	$146K	$685K	20x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.138	+0.005%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.094	−0.041%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.234	+0.107%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.177	+0.047%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.025%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.186	+0.057%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.129%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	94.129	−0.004%	$226.4M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.094	−0.041%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.167	+0.036%	$12.8M	$2.9M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.160	+0.028%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.087	−0.049%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	94.154	+0.022%	$117.4M	$322.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.149	+0.017%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.159	+0.028%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.166	+0.035%	$79K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0099%	1h	94.143	+0.011%	$2.0M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.200	+0.071%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.114	−0.020%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.245	+0.119%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.154	+0.022%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.106	−0.029%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.145	+0.013%	$376.8M	$932.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.072%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.134	+0.001%	$49.4M	$57.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.146	+0.014%	$90.8M	$85.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.151	+0.019%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.147	+0.015%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.079%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	+0.074%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	+0.045%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.106%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.197	+0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.173	+0.042%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.196	+0.067%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.272	+0.148%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.115	−0.019%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.132	−0.002%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.210	+0.082%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.196	+0.066%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.443%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.240	+0.114%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.129	−0.005%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	−0.012%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.214	+0.086%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.162	+0.031%	$3.2M	$6.4M	20x	as long as short